One 51 seeks approval to reduce share capital

One 51 Plc, the holding company for 105 companies in the One 51 group, is seeking court approval for a reduction of share capital which will see the balance in its share premium account reduced by €200m to €62m.

The company is taking the step both to eliminate losses and to have €15m available to pay dividends.

Mr Justice Peter Kelly this week granted an application by Brian Kennedy, for One 51, for directions for advertising of the petition prior to its hearing in the Commercial Court on March 6. If the reduction is approved by the court, almost all of the reserve so created will be applied to eliminate accumulated permanent losses, the petition states.